Credit Agricole upped at UBS, new president's agenda cited

AudeLagorce

LONDON (MarketWatch) -- UBS upgraded French bank Credit Agricole
ACA, +0.94%
to buy from neutral, saying that with the election of Nicolas Sarkozy, structural reforms in France seem more likely, some of which it said could have a positive impact on the banking sector. In particular, the broker cited a measure to make mortgage repayments tax deductible, which it said should benefit Credit Agricole, which has 33% of the mortgage lending market. UBS also noted that labor reforms should lead to increased productivity.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.